Crypto Trader Warns of Potential 33% Dogecoin Drop, Unveils Downside Price Target for Ethereum
A closely followed crypto strategist is warning that top memecoin Dogecoin ( DOGE ) is at risk of heading to much lower levels amid the marketwide correction.
Pseudonymous analyst Cheds tells his 353,200 followers on the social media platform X that he thinks DOGE could witness a 33% corrective move if it loses a key support area.
“DOGE $0.11-$0.12 range incoming. Mark $0.16.”
In a strategy session, Cheds explains why he thinks DOGE could tumble before potentially bottoming out.
“There’s no reason to get excited [about DOGE]. It’s a bad chart. It looks like [$0.11] is going to come and test lower. [DOGE has] a really strong descending supply trend.”
Source: Cheds/YouTube
At time of writing, DOGE is trading for $0.166.
Turning to Ethereum ( ETH ), the crypto strategist believes that the native asset of the top smart contract protocol is headed toward its high time frame support at around $1,000.
“ETH now $1,840 from $3,400 below. Probably worth a sniff when it tags the $1,200-$1,300 range.”
Source: Cheds/X
At time of writing, ETH is worth $1,808.
Looking at the payments altcoin XRP , Cheds says that bulls have the upper hand as long as the coin is trading above $2. But he also says that holders should consider paring back risk if XRP moves below the key price level.
At time of writing, XRP is worth $2.12.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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